NEW YORK — Pfizer has unveiled a deal to sell its pediatric nutrition business to Nestle for $11.85 billion in cash.

The pharmaceuticals giant said Monday that the divestiture of Pfizer Nutrition, which had revenue of about $2.1 billion in 2011, up 15% year over year, is slated to be completed by the first half of 2013.

"The transaction is a testament to the success of the Nutrition business, including its excellent reputation, talented colleagues, high-quality products and market reach," stated Amy Schulman, executive vice president, Pfizer general gounsel, and president and general manager of Pfizer Nutrition. "The combination of Nestle and Pfizer’s Nutrition business, with its leading position in emerging markets, portfolio and science, will continue to serve the needs of formula-fed infants and their health care professionals and caregivers."

Pfizer Nutrition’s product lineup includes everyday and specialty infant formulas and toddler formulas, follow-on formulas, and maternal and adult nutrition products.

Nestle said Monday that the purchase will enable it to combine its trusted and successful brands such as Nan, Gerber, Lactogen, Nestogen and Cerelac infant cereal with Pfizer Nutrition’s well-known brands like S-26 Gold, SMA and Promil.

"Pfizer Nutrition is an excellent strategic fit, and this acquisition underlines our commitment to be the world’s leading nutrition, health and wellness company," Nestle CEO Paul Bulcke said in a statement.

A key draw for Nestle, Bulcke noted, was where Pfizer Nutrition generated most of its sales — areas with large, fast-growing populations.

"Its strong brands and product portfolio, its talented people dedicated to the success of its business, together with its geographic presence — 85% of its sales are in emerging markets — will complement our existing infant nutrition business perfectly," he commented. "The combined entities will enable us to deepen our engagement with consumers, offering them a wider choice of nutritious food to ensure their children make a healthy start to a healthy life."

Nestle said it estimates Pfizer Nutrition’s 2012 sales at $2.4 billion.